Auction Analysis: New York Post-War & Contemporary Day Auctions – November 2017

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Auction Analysis

NEW YORK POST-WAR & CONTEMPORARY DAY AUCTIONS – NOVEMBER 2017

The post-war and contemporary art day sales in New York last week raised a total of $185,855,900 (excluding buyer’s premium), against a pre-sale estimate of $150,685,500 to $216,573,000. The result from Christie’s, Sotheby’s and Phillips was 50.5% higher than in November 2016, and 22.2% above the May results earlier this year, making it the highest day sales total since 2012.

Phillips held the first day sale of the auction week in New York on the 15th of November, which came in at a total sales value of $16.7 million for 178 sold lots. The result ended up within the pre-sale estimate range ($16.2 million to $22.7 million) and was 111.6% above their sale total in November 2016. Last week’s auction result was the highest for a Phillips day sale since 2012.

This was followed by Christie’s Post-War & Contemporary Art Day Sale on the 16th of November. The auction achieved a hammer total of $85.2 million, in the middle of the pre-sale estimate range of $68.1 million to $99.3 million. The result was up 69.4% from November 2016.

Sotheby’s finished the week with an $84 million day sale on the 17th of November, ending in the upper band of the pre-sale estimate range of $66.4 million to $94.6 million. Sotheby’s result was 28.6% higher than November 2016.